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ALIGNED
CAPABILITES
Property Management
End-to-end property management capabilities to maximize returns and growth
Corridor Property Management delivers comprehensive, end-to-end real estate management, risk management
and business solutions.
Capital Planning
Corridor works closely with vendors in the bidding process, outlining insurance requirements and verifying coverage to protect our clients’ assets and all extended parties. In addition, our management company implements vendor contracts that hold contractors accountable for a designated scope of work, materials, price, and timeline. Penalties are enforced when those vendors do not meet expectations.
Corridor has a wide network of contractor resources that we call upon or use for comparison in markets where they are not available. Members of our senior management team have construction management backgrounds, so our clients know that their investments are managed properly.
Corridor has multiple approaches to income generation and asset preservation. Our company has managed several portfolios looking at value-add investments to increase revenue by implementing intelligent, cost-controlled improvements that renters pay a premium to enjoy. Examples include modern apartment interiors, common area improvements, and increased amenities that target the market demographic. Major projects have included large-scale interior remodels, $60,000 in common area improvements, and a multi-million-dollar community clubhouse featuring a full fitness center, leasing office, tanning booths, study rooms, and a coffee bar.
Accounting Services
Corridor prides itself on its established, professional accounting services, including investor-grade and in-depth monthly operation reports. Our full package is delivered reliably on the 15th of each month and details all financial and operational performance metrics to help our clients better understand their business operations.
Our portfolio averages delinquency rates of 3%-10% of billing. We maintain a strict timeline for our onsite management to follow to ensure a high collection rate, low bad-debt losses, and limited eviction handling.
Our established best practices guide holds onsite teams accountable for collections and quickly identifies residents who are not able to meet payment terms to limit increased bad debt losses. Our team is also trained on working with residents on peaceful lease termination to limit expenses and time spent on eviction proceedings.
Corridor’s accounts payable team and processes ensure vendors are paid on-time and accurately. Our company has a standardized system for inputting, processing, and verifying payables, which goes through a series of checks and balances from the onsite level through our corporate accounting team and up to senior management. Invoices and payments are submitted on a weekly basis with consistent and accurate coding.
Our company is well-versed in assembling a community operating budget. Even with limited property data, we can produce a realistic and accurate budget by using historical portfolio information and industry averages. At Corridor, we work consistently with our proposed budget plans and bring them to the forefront of onsite management’s view so that operations are executed in line with our owners’ goals.
Marketing & Leasing
Corridor Property Management uses strategic marketing practices to ensure our clients’ advertising dollars are spent wisely. We limit wasteful spending and focus on tracking lead sources and capitalizing on digital listings with proven success in the market. All of our marketing and leasing strategies target increased occupancy, demand, and rental rates. Here are some examples of how we achieve this:
Today’s renters are primarily online customers, which is why we have a robust platform that allows online leasing, rental payments, contact updates, and service requests. These features allow our clients to operate outside of “standard business hours” and capture traffic that may have been missed otherwise.
Our weekly reporting simultaneously looks at current and future vacancy exposure so that our management team is always responding to occupancy changes, both immediate needs and projections for future months.
Our team is able to quickly and inexpensively set up a professional marketing campaign for a community, including a logo, 3D floor plan images, brochures, staged photography, social media management, and web presence with targeted SEO and PPC.
Physical Asset Maintenance
Apartment communities require dedicated attention to several key maintenance areas. Without proper management, a community can quickly become overwhelmed with deferred maintenance items such as interior repairs, common area upkeep, mechanical system maintenance, and landscaping. These items can significantly affect resident retention and leasing curb appeal. Corridor Property Management understands the importance of quality maintenance and takes key steps to manage its owners’ apartment communities.
Our “We Care” Maintenance promise is implemented at each community, guaranteeing our residents:
- 24/7/365 Emergency Coverage
- 24 Hour Response Time on Regular Maintenance
- Consistent Communication on Special Projects/Repairs
Our residents find comfort in knowing that there is a quality, caring team to respond to their maintenance needs quickly, improving resident retention and satisfaction.
Corridor staff performs inspections frequently to identify and correct maintenance items that could become a larger issue in the long run. Interior apartment inspections ensure we are holding residents accountable for taking care of the property and resolve issues that could lead to more expensive and time-consuming repairs if not addressed. We use a cloud-based, mobile friendly platform to obtain accurate, efficient inspection data that can be analyzed for various needs.
Our company carefully evaluates vendors and establishes regulations to retain them, including a 3-bid standard and insurance requirements for all approved vendors. Our community managers work directly with our accounting team to ensure work is fully completed before we pay vendors, which reduces the risk to the community and provides for quality services. Because of our wide portfolio, we are also able to compare costs throughout various markets and negotiate with vendors to obtain the best pricing.
Reporting
Our thorough and customized reporting tools allow all levels of management and ownership to see a community’s performance from various perspectives. Delivered consistently and reliably, we work with our onsite teams, management, and ownership to help all parties understand the goals, actual performance, and overall business strategy. The checks and balances in our reporting requirements ensure that issues are identified quickly and allow better accountability for onsite operations and management.
